Nigeria’s headline inflation rate fell to 14.45 per cent in November 2025, down from 16.05 per cent in October, marking the lowest level in five years, the National Bureau of Statistics (NBS) reported on Monday.
The November Consumer Price Index (CPI) data indicates a 1.6-percentage-point decline month-on-month, continuing a sustained downward trend that began in April 2025.
On a year-on-year basis, headline inflation dropped sharply by 20.15 percentage points from the 34.60 per cent recorded in November 2024, largely reflecting a revision in the base year used for computation.
Independent surveys and econometric forecasts had anticipated the easing, with early data suggesting headline inflation would fall to around 14.0 per cent in November, down from 16.50 per cent in October and 18.02 per cent in September. Analysts note that inflation has steadily declined since peaking at 24.23 per cent in March 2025.
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Experts attribute the slowdown to multiple factors. SCM Capital highlighted greater foreign exchange stability, which has reduced the cost pressures of imported goods. The reopening of borders, lower input costs, and improved domestic supply conditions have also contributed to easing both food and non-food prices. Coronation Group projected a further moderation of headline inflation to 14.30 per cent in November, citing sustained improvements in macroeconomic conditions.
Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), welcomed the decline but urged policymakers to consolidate gains through a coordinated mix of monetary, fiscal, and structural reforms. He emphasised that household costs for food, energy, transport, education, and healthcare remain high and require targeted interventions.
“Governments at all levels must implement measures such as subsidised transportation, agricultural support, and investments in essential social services to ensure the benefits of disinflation reach ordinary Nigerians,” Yusuf said.
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While the easing inflation signals improving macroeconomic stability, experts caution that deliberate policy actions will be crucial to translate disinflation into tangible welfare benefits for citizens.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
